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Monthly Archives: June 2016

On June 17, 2016, the Receiver filed his 14th Schedule of distribution payments under the 1st Interim Distribution Plan with the United States District Court for the Northern District of Texas, Dallas Division. The 14th Schedule will be followed by others, each of which will be submitted by the Receiver on a rolling basis.

In an effort to keep you informed, below are some of the actives the Joint Liquidators have been working on since the filing of our last report.

The Creditors Advisory Committee
The CAC has been re-formed and a meeting was held recently to discuss the current status of the liquidation and its future plans. Some of the salient initiatives are listed below.

TD Bank Litigation
TD has filed its Amended Statement of Defense and the JLs are in the process of preparing and finalizing our Reply. Meanwhile, the estate is pushing for the commencement of production and discovery proceedings. We have also been working closely with US Class Counsel to advance and coordinate the bank claims.

Law Firm Claims
We are continuing to prosecute the claims against the law firms in Antigua. It is expected that hearings on the jurisdictional issues will be heard towards the end of this year

HSBC Claims
HSBC agreed to provide disclosure on an agreed list of requests. In our view this issue has not been fully complied with. It has also become clear that we need to examine individuals, a position to which HSBC has yet to agree. Our current tolling agreement extending the time for filing expires on 30 June. Thus, we are of the view that we need to invoke S236 for proper production and examination. We anticipate our request to be contested.

Based on the information we have to date, we suspect that there were deficiencies in procedures by the bank and that certain “red flags” existed. We are working closely with our advisors to develop the case……………………..